Lactic Acid Market Is Projected To Grow At A CAGR Of 16.2% By 2025: Hexa Reports

June 1515:412017

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Latin America “Lactic Acid Market” is projected to witness significant revenue rise at a CAGR of 19.2% from 2017 to 2025 in light of the growing cosmetics industry in Brazil and Argentina.

The global Lactic Acid & polylactic acid market is expected to reach USD 9.8 billion and USD 6.5 billion respectively by 2025, according to a new report by Grand View Research, Inc. Rising demand for lactic acid as pH regulator and preservatives for food & beverages sector is expected to fuel its demand over the next eight years. Growing cosmetic industry, on account of the increasing number of manufacturing base by companies including Unilever, Johnson & Johnson, and P&G in the U.S. is expected to drive industry expansion.

Pharmaceuticals accounted for 7.5% of the overall revenue share of lactic acid in 2016 and are expected to witness high gains as the product serves as a pH-regulation, chiral intermediate, and metal sequestration as well as a natural body constituent. Increasing need for pharmaceutical grade creams and other medicines among consumers is expected to propel demand over the forecast period.

Further key findings from the report suggest:

• Global Lactic Acid demand was 1,220.0 kilo tons in 2016 and is expected to grow at a CAGR of 16.2% from 2017 to 2025 which is a result of increasing sales of medicines and perfumes in the Latin America and Asia Pacific region.

• Textiles accounted for 21.0% of the polylactic acid revenue share in 2016 and is expected to witness growth as a result of its various properties including natural UV resistance, high tenacity, low smoke formation, and low flammability.

• Asia Pacific polylactic acid market is projected to show significant revenue rise at a CAGR of 22.4% from 2017 to 2025 owing to the establishment of various food & beverage and cosmetics manufacturing units particularly in India and China.

• In Asia Pacific, ‘on-the-go’ lifestyle of consumers and growing disposable income is expected to have a positive impact on the food & beverage sector which in turn is likely to propel packaging industry growth.

• In May 2016, Corbion Purac launched a PLA portfolio of bioplastic resins for North America to meet growing demand for packaging applications. In October 2013, Corbion Purac and bio-film manufacturer Innovia joined hands to develop temperature-stable and transparent PLA films

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